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ORLANDO, Fla., Sept. 5, 2025 /PRNewswire/ -- United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported that on Wednesday September 3, 2025, its stockholders approved a $500.0 million buyback authorization."We thank our stockholders for their vote on this important matter," said Marc Swanson, Chief Executive Officer of United Parks & Resorts Inc. "With our strong balance sheet and significant free cash flow generation, we are excited to be able to take advantage ...

Index Changes - United Parks & Resorts Inc. (NYSE: PRKS) will be added to the S&P SmallCap 600, replacing Foot Locker Inc. (NYSE: FL), effective September 8, 2025 [1][4] - TechnipFMC plc (NYSE: FTI) will be added to the S&P MidCap 400, replacing Skechers USA Inc. (NYSE: SKX), effective September 12, 2025 [1][4] Acquisition Details - Dick's Sporting Goods Inc. (NYSE: DKS) is acquiring Foot Locker, with the deal expected to be completed soon, pending final closing conditions [4] - 3G Capital is acquiring Skechers USA, with the deal also expected to be completed soon, pending final conditions [4]

Group 1 - The analyst assigned a hold rating to United Parks & Resorts (NYSE: PRKS) in May due to concerns about the underlying demand and increased competition in Orlando [1] - The investment approach focuses on identifying undervalued companies with long-term growth potential, emphasizing value investing principles [1] Group 2 - No stock or derivative positions are held by the analyst in the mentioned companies, and there are no plans to initiate any positions in the near future [2] - The article reflects the author's opinions and is not influenced by any business relationships with the companies mentioned [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35883 United Parks & Resorts Inc. (Exact name of registrant as specified in its charter) Delaware 27-1220297 (State or other jur ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $490.2 million, a decrease of $7.4 million or 1.5% compared to Q2 2024, primarily due to decreases in admissions per capita and in-park per capita spending, partially offset by an increase in attendance [20][21] - Attendance increased by approximately 48,000 guests or 0.8% year-over-year, attributed to a favorable calendar shift, including the shift of Easter and spring break holidays [20][21] - Net income for Q2 2025 was $80.1 million, down from $91.1 million in Q2 2024, and adjusted EBITDA was $206.3 million, a decrease of $11.9 million compared to the previous year [22][23] Business Line Data and Key Metrics Changes - Attendance at all Orlando parks, including SeaWorld Orlando, Aquatic Orlando, and Discovery Cove, saw an increase despite adverse weather conditions [5][6] - The company is experiencing positive forward booking trends in group business and at Discovery Cove, with mid to high single-digit increases expected for the remainder of the year [6][8] Market Data and Key Metrics Changes - The company reported a net total leverage ratio of 3.0 times as of June 30, 2025, with approximately $883 million in total available liquidity, including $194 million in cash [9][23] - Deferred revenue decreased by approximately $22.7 million compared to June 2024, indicating a decline in pass sales [23] Company Strategy and Development Direction - The company has approved a $500 million share repurchase program, reflecting confidence in its business and the belief that shares are undervalued [8][9] - The company is focusing on operational efficiencies and has implemented a cost reduction plan expected to save up to $15 million in the second half of the year [10][25] - Strategic initiatives include enhancing sponsorship opportunities and digital transformation efforts, with a focus on CRM capabilities and mobile app functionality [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2025, citing positive trends in group bookings and early ticket sales for upcoming events [28][74] - The company anticipates improved weather conditions compared to the previous year, which should positively impact attendance and revenue [74] Other Important Information - The company is in discussions for potential international partnerships and expects to sign two MOUs by the end of the year [16] - The mobile app has been downloaded over 15.6 million times, with a 35% increase in average transaction value for food and beverage purchases made through the app [17][18] Q&A Session Summary Question: Did the company do anything to drive visitation in light of the Epic opening? - Management acknowledged increased marketing efforts and promotional activities due to weather impacts, which helped drive visitation [34][35] Question: Why is deferred revenue down despite positive forward indicators? - Management explained that a mix of factors, including the type of passes sold and promotional activities, contributed to the decline in deferred revenue [36][38] Question: What are the trends in admissions per capita? - Management noted that while admissions per capita were down, they expect to improve these metrics with better weather and promotional strategies [44][66] Question: Are there signs of consumer spending less? - Management indicated that in-park spending was slightly down but expressed optimism about improving this metric during the upcoming Halloween and Christmas seasons [78] Question: Can the company leverage fall and winter events to boost summer attendance? - Management acknowledged the opportunity to market seasonal passes that include access to popular fall and winter events, potentially driving summer attendance [84]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $490.2 million, a decrease of $7.4 million or 1.5% compared to Q2 2024, primarily due to decreases in admissions per capita and in-park per capita spending, partially offset by an increase in attendance [19][20] - Attendance increased by approximately 48,000 guests or 0.8% year-over-year, attributed to a favorable calendar shift, including the shift of Easter and spring break holidays [19][20] - Net income for Q2 2025 was $80.1 million, down from $91.1 million in Q2 2024, and adjusted EBITDA was $206.3 million, a decrease of $11.9 million compared to the previous year [21][22] Business Line Data and Key Metrics Changes - Attendance at all Orlando parks, including SeaWorld Orlando, Aquatic Orlando, and Discovery Cove, increased despite adverse weather conditions [5][6] - The company is seeing positive forward booking trends in group business and at Discovery Cove, with mid to high single-digit increases expected for the remainder of the year [6][12] Market Data and Key Metrics Changes - The company reported a net total leverage ratio of 3.0 times as of June 30, 2025, with total available liquidity of approximately $883 million, including $194 million in cash [8][23] - Deferred revenue decreased by approximately $22.7 million compared to June 2024, indicating a decline in pass sales [23] Company Strategy and Development Direction - The company has approved a new $500 million share repurchase program, reflecting confidence in its undervalued shares and strong balance sheet [7][8] - Strategic initiatives include enhancing sponsorship opportunities, digital transformation through CRM and mobile app improvements, and exploring international partnerships [14][15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about upcoming events, including Halloween and Christmas, which are expected to drive attendance and revenue [28][66] - The company is focused on improving operational efficiencies and managing costs, with an additional cost reduction plan expected to save up to $15 million in the second half of the year [9][25] Other Important Information - The company has invested $110.5 million in CapEx as of June 30, 2025, with expectations to spend $175 million to $200 million on core CapEx for the year [24][25] - The mobile app has been downloaded over 15.6 million times, showing a 35% increase in average transaction value for food and beverage purchases made through the app compared to point-of-sale orders [15][16] Q&A Session Summary Question: Did the company do anything to drive visitation in Orlando parks? - Management acknowledged increased marketing efforts in response to the opening of Epic Universe and weather impacts, which necessitated promotional strategies [32][34] Question: Why is deferred revenue down despite positive forward indicators? - Management explained that the mix of products and promotional activities impacted deferred revenue, but positive indicators in group bookings and Discovery Cove provide confidence [36][38] Question: What are the trends in consumer spending? - Management noted that in-park spending was slightly down but indicated that there were no significant signs of consumer pullback, with positive indicators in certain parks [48][50] Question: Can the company leverage Halloween and Christmas events to boost summer attendance? - Management confirmed that they are working to promote season passes that include access to Halloween and Christmas events, aiming to drive summer attendance [82][83]

[Report Overview](index=1&type=section&id=Report%20Overview) This section introduces United Parks & Resorts Inc.'s Q2 and first six months of fiscal year 2025 financial results, CEO commentary, and key performance highlights [Introduction](index=1&type=section&id=Introduction) United Parks & Resorts Inc. (NYSE: PRKS) announced its financial results for the second quarter and first six months of fiscal year 2025 on August 7, 2025 - United Parks & Resorts Inc. (NYSE: PRKS) reported financial results for Q2 and first six months of fiscal year 2025[1](index=1&type=chunk) [CEO Commentary and Business Outlook](index=1&type=section&id=CEO%20Commentary%20and%20Business%20Outlook) CEO Marc Swanson highlighted attendance growth in Q2 despite adverse weather, driven by international and group visitation and strong performance at Orlando parks, expressing confidence in future bookings and announcing a new share repurchase program - Attendance grew in Q2 despite severe weather, with increases in international and group visitation and at all Orlando parks[4](index=4&type=chunk) - Forward booking trends for group business and Discovery Cove are up mid to high single digits for the remainder of 2025, with strong trends also seen for 2026[5](index=5&type=chunk) - The Board approved a new **$500 million share repurchase program**, pending approval by non-Hill Path stockholders, reflecting confidence in the company's financial position and shareholder value[9](index=9&type=chunk) - Management expects to deliver strong second-half financial results, focusing on operational and financial improvements despite first-half headwinds[9](index=9&type=chunk) [Key Highlights](index=1&type=section&id=Key%20Highlights) The company reported mixed results for Q2 and the first six months of 2025, with attendance showing slight increases or minor decreases, while total revenue, net income, and Adjusted EBITDA generally declined, and per capita spending metrics also saw slight decreases, except for in-park per capita spending for the six-month period [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) For the second quarter of 2025, United Parks & Resorts Inc. reported a slight increase in attendance but declines in total revenue, net income, and Adjusted EBITDA compared to Q2 2024, with total revenue per capita, admission per capita, and in-park per capita spending also decreasing | Metric | Q2 2025 | Q2 2024 | Change (%) | | :-------------------------- | :------ | :------ | :--------- | | Attendance (million guests) | 6.2 | 6.2 | 0.8% | | Total Revenue ($ million) | 490.2 | 497.6 | (1.5%) | | Net Income ($ million) | 80.1 | 91.1 | (12.1%) | | Adjusted EBITDA ($ million) | 206.3 | 218.2 | (5.4%) | | Total Revenue Per Capita ($)| $78.64 | $80.44 | (2.2%) | | Admission Per Capita ($) | $41.03 | $42.68 | (3.9%) | | In-Park Per Capita Spending ($)| $37.61 | $37.76 | (0.4%) | [First Six Months 2025 Highlights](index=1&type=section&id=First%20Six%20Months%202025%20Highlights) For the first six months of 2025, attendance remained relatively flat, while total revenue, net income, and Adjusted EBITDA all decreased compared to the same period in 2024, with total revenue per capita and admission per capita also declining, but in-park per capita spending saw a slight increase | Metric | 6 Months 2025 | 6 Months 2024 | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | | Attendance (million guests) | 9.6 | 9.6 | (0.1%) | | Total Revenue ($ million) | 777.2 | 795.0 | (2.2%) | | Net Income ($ million) | 64.0 | 79.9 | (20.0%) | | Adjusted EBITDA ($ million) | 273.7 | 297.3 | (7.9%) | | Total Revenue Per Capita ($)| $80.74 | $82.50 | (2.1%) | | Admission Per Capita ($) | $42.79 | $44.60 | (4.1%) | | In-Park Per Capita Spending ($)| $37.95 | $37.90 | 0.1% | [Other Highlights](index=1&type=section&id=Other%20Highlights) Beyond financial metrics, the company's Board recommended a new $500 million share buyback authorization and continued its significant animal rescue efforts, aiding 500 animals in Q2 2025 - Board of Directors recommended a new **$500 million share buyback authorization**, subject to non-Hill Path shareholders' approval[8](index=8&type=chunk) - Aided **500 animals** in need in the wild during Q2 2025, bringing the historical total to over **42,000 animals**[8](index=8&type=chunk) [Financial Performance Analysis](index=3&type=section&id=Financial%20Performance%20Analysis) This section provides a detailed analysis of the company's financial results for the second quarter and first six months of fiscal year 2025, highlighting revenue, net income, attendance, and per capita spending trends [Second Quarter 2025 Financial Results](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Results) In Q2 2025, the company reported $490.2 million in total revenues and $80.1 million in net income, with attendance increasing by 0.8% to 6.2 million guests, primarily due to a favorable calendar shift of Easter and Spring Break, partially offset by significantly worse weather, leading to a decrease in total revenue mainly driven by lower total revenue per capita Second Quarter 2025 Key Financials | Metric | 2025 (Millions) | 2024 (Millions) | Change % | | :-------------------------- | :-------------- | :-------------- | :------- | | Total revenues ($) | $490.2 | $497.6 | (1.5%) | | Net income ($) | $80.1 | $91.1 | (12.1%) | | Earnings per share, diluted ($)| $1.45 | $1.46 | (0.7%) | | Adjusted EBITDA ($) | $206.3 | $218.2 | (5.4%) | | Net cash provided by operating activities ($)| $181.2 | $173.2 | 4.6% | | Attendance (million guests) | 6.2 | 6.2 | 0.8% | | Total revenue per capita ($)| $78.64 | $80.44 | (2.2%) | | Admission per capita ($) | $41.03 | $42.68 | (3.9%) | | In-Park per capita spending ($)| $37.61 | $37.76 | (0.4%) | - Attendance increased by **48,000 guests (0.8%)** due to a favorable calendar shift of holidays, despite significantly worse weather[10](index=10&type=chunk) - Total revenue decreased by **$7.4 million**, primarily due to a **2.2% decrease** in total revenue per capita, driven by lower admissions per capita and in-park per capita spending[11](index=11&type=chunk) [First Six Months 2025 Financial Results](index=3&type=section&id=First%20Six%20Months%202025%20Financial%20Results) For the first six months of 2025, the company generated $777.2 million in total revenues and $64.0 million in net income, with attendance slightly decreasing by 0.1% to 9.6 million guests, mainly due to significantly worse weather during peak visitation periods, and the $17.9 million decrease in total revenue was attributed to both a decrease in total revenue per capita (2.1%) and a slight decrease in attendance, with admissions per capita declining while in-park per capita spending saw a marginal increase First Six Months 2025 Key Financials | Metric | 2025 (Millions) | 2024 (Millions) | Change % | | :-------------------------- | :-------------- | :-------------- | :------- | | Total revenues ($) | $777.2 | $795.0 | (2.2%) | | Net income ($) | $64.0 | $79.9 | (20.0%) | | Earnings per share, diluted ($)| $1.15 | $1.26 | (8.7%) | | Adjusted EBITDA ($) | $273.7 | $297.3 | (7.9%) | | Net cash provided by operating activities ($)| $206.9 | $244.7 | (15.4%) | | Attendance (million guests) | 9.6 | 9.6 | (0.1%) | | Total revenue per capita ($)| $80.74 | $82.50 | (2.1%) | | Admission per capita ($) | $42.79 | $44.60 | (4.1%) | | In-Park per capita spending ($)| $37.95 | $37.90 | 0.1% | - Attendance decreased by **11,000 guests (0.1%)** primarily due to significantly worse weather during peak visitation periods[13](index=13&type=chunk) - Total revenue decreased by **$17.9 million**, driven by a **2.1% decrease** in total revenue per capita and a slight decrease in attendance, with in-park per capita spending increasing by **0.1%** to a record **$37.95**[14](index=14&type=chunk)[8](index=8&type=chunk) [Non-GAAP Financial Measures and Key Performance Metrics](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Key%20Performance%20Metrics) This section clarifies the company's use of non-GAAP financial measures like Adjusted EBITDA and Free Cash Flow, along with key performance metrics such as per capita spending, to assess operational performance and inform strategic decisions [Statement Regarding Non-GAAP Financial Measures](index=4&type=section&id=Statement%20Regarding%20Non-GAAP%20Financial%20Measures) The earnings release includes non-GAAP financial measures such as Adjusted EBITDA, Covenant Adjusted EBITDA, and Free Cash Flow, which are not GAAP-recognized, but management uses these measures to assess underlying operating performance, evaluate executive compensation, comply with debt covenants, and gauge liquidity, acknowledging their limitations and potential non-comparability with other companies' similarly titled measures - **Adjusted EBITDA**, **Covenant Adjusted EBITDA**, and **Free Cash Flow** are non-GAAP measures used by management to assess underlying operating performance, evaluate executive compensation, and comply with debt covenants[20](index=20&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - These non-GAAP measures have limitations and may not be comparable to similarly titled measures of other companies[21](index=21&type=chunk) [Key Performance Metrics Definitions](index=6&type=section&id=Key%20Performance%20Metrics%20Definitions) The company utilizes key performance metrics including total revenue per capita, admission per capita, and in-park per capita spending to evaluate park operating performance and inform strategic decisions, providing investors with a consistent methodology to analyze revenue on a per-attendee basis - Key performance metrics include **total revenue per capita** (total revenue / attendance), **admission per capita** (admissions revenue / attendance), and **in-park per capita spending** (food, merchandise, and other revenue / attendance)[25](index=25&type=chunk)[52](index=52&type=chunk) - Management uses these metrics to assess operating performance per attendee and make strategic operating decisions, providing investors with a consistent analysis methodology[25](index=25&type=chunk) [Company Information](index=4&type=section&id=Company%20Information) This section provides an overview of United Parks & Resorts Inc., details of its Q2 2025 conference call, a cautionary statement regarding forward-looking information, and contact details for investor relations and media [About United Parks & Resorts Inc.](index=6&type=section&id=About%20United%20Parks%20%26%20Resorts%20Inc.) United Parks & Resorts Inc. is a global theme park and entertainment company operating 13 parks across seven markets in the U.S. and Abu Dhabi, including brands like SeaWorld and Busch Gardens, and is a leader in animal welfare, training, and veterinary care, and one of the largest marine animal rescue organizations globally, having aided over 42,000 animals - United Parks & Resorts Inc. (NYSE: PRKS) is a global theme park and entertainment company with **13 parks** across **seven markets** in the U.S. and Abu Dhabi[26](index=26&type=chunk) - The company owns or licenses brands such as SeaWorld®, Busch Gardens®, Discovery Cove, Sesame Place®, Water Country USA, Adventure Island, and Aquatica®[26](index=26&type=chunk) - It is a global leader in animal welfare and one of the leading marine animal rescue organizations, having helped over **42,000 animals**[26](index=26&type=chunk) [Conference Call Details](index=4&type=section&id=Conference%20Call%20Details) United Parks & Resorts Inc. held a conference call on August 7, 2025, at 9 a.m. Eastern Time to discuss its Q2 and first six months 2025 financial results, with a live webcast and replay made available on the company's investor relations website, and a telephonic replay also accessible for a week - A conference call was held on **August 7, 2025, at 9 a.m. ET** to discuss Q2 and first six months 2025 results[19](index=19&type=chunk) - The call was broadcast live and a replay was available on www.UnitedParksInvestors.com and via telephonic access[19](index=19&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future results, plans, and business trends, which are based on current expectations and assumptions but are subject to inherent uncertainties and risks, with actual results potentially differing materially due to various factors including weather, economic conditions, labor costs, regulatory changes, and competitive pressures, cautioning readers not to place undue reliance on these statements and advising review of SEC filings for comprehensive risk factors - The press release includes forward-looking statements about future results, plans, and business trends, identified by words like 'might,' 'will,' 'expects,' and 'believes'[28](index=28&type=chunk) - These statements are based on current expectations and assumptions but are subject to numerous risks and uncertainties, many beyond management's control, that could cause actual results to differ materially[28](index=28&type=chunk)[29](index=29&type=chunk) - Key risks include adverse weather, economic factors, labor shortages, regulatory changes, competitive pressures, and cybersecurity risks[28](index=28&type=chunk)[29](index=29&type=chunk) [Contact Information](index=8&type=section&id=Contact%20Information) Contact information for Investor Relations and Media inquiries is provided for United Parks & Resorts Inc - Investor Relations contact: **Matthew Stroud, Investors@unitedparks.com, 888-410-1812**[30](index=30&type=chunk) - Media contact: **Chris Petrikin, chris.petrikin@unitedparks.com**[30](index=30&type=chunk) [Unaudited Condensed Consolidated Financial Data](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Data) This section presents the unaudited condensed consolidated financial data, including statements of operations, reconciliation of non-GAAP measures, balance sheet data, capital expenditures, and attendance/per capita amounts, along with detailed notes explaining various adjustments and definitions [Unaudited Condensed Consolidated Statements of Operations](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The unaudited condensed consolidated statements of operations show a decrease in total revenues for both the three and six months ended June 30, 2025, compared to 2024, with net income and operating income also declining significantly over both periods, while operating expenses increased Unaudited Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change $ (thousands) | Change % | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change $ (thousands) | Change % | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :------------------- | :------- | :----------------------------- | :----------------------------- | :------------------- | :------- | | Admissions | $255,740 | $264,003 | $(8,263) | (3.1%) | $411,855 | $429,812 | $(17,957) | (4.2%) | | Food, merchandise and other | $234,472 | $233,590 | $882 | 0.4% | $365,306 | $365,204 | $102 | 0.0% | | **Total revenues** | **$490,212** | **$497,593** | **$(7,381)** | **(1.5%)** | **$777,161** | **$795,016** | **$(17,855)** | **(2.2%)** | | Cost of food, merchandise and other revenues | $37,173 | $38,645 | $(1,472) | (3.8%) | $60,132 | $61,692 | $(1,560) | (2.5%) | | Operating expenses | $204,789 | $190,199 | $14,590 | 7.7% | $366,059 | $355,082 | $10,977 | 3.1% | | Selling, general and administrative expenses | $64,402 | $63,788 | $614 | 1.0% | $108,539 | $111,665 | $(3,126) | (2.8%) | | Severance and other separation costs | $408 | $296 | $112 | 37.8% | $408 | $589 | $(181) | (30.7%) | | Depreciation and amortization | $42,974 | $40,281 | $2,693 | 6.7% | $84,669 | $79,463 | $5,206 | 6.6% | | **Total costs and expenses** | **$349,746** | **$333,209** | **$16,537** | **5.0%** | **$619,807** | **$608,491** | **$11,316** | **1.9%** | | **Operating income** | **$140,466** | **$164,384** | **$(23,918)** | **(14.6%)** | **$157,354** | **$186,525** | **$(29,171)** | **(15.6%)** | | Other expense (income), net | $216 | $(147) | $363 | NM | $193 | $33 | $160 | NM | | Interest expense | $33,951 | $39,386 | $(5,435) | (13.8%) | $68,058 | $78,163 | $(10,105) | (12.9%) | | Loss on early extinguishment of debt | $— | $2,452 | $(2,452) | NM | $— | $2,452 | $(2,452) | NM | | **Income before income taxes** | **$106,299** | **$122,693** | **$(16,394)** | **(13.4%)** | **$89,103** | **$105,877** | **$(16,774)** | **(15.8%)** | | Provision for income taxes | $26,191 | $31,569 | $(5,378) | (17.0%) | $25,128 | $25,954 | $(826) | (3.2%) | | **Net income** | **$80,108** | **$91,124** | **$(11,016)** | **(12.1%)** | **$63,975** | **$79,923** | **$(15,948)** | **(20.0%)** | | Earnings per share, diluted ($)| $1.45 | $1.46 | | | $1.15 | $1.26 | | | [Unaudited Reconciliation of Non-GAAP Financial Measures](index=10&type=section&id=Unaudited%20Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The reconciliation of non-GAAP financial measures details the adjustments made from net income to arrive at Adjusted EBITDA and Free Cash Flow, showing that for the three months ended June 30, 2025, Adjusted EBITDA decreased by 5.4% to $206.3 million, and for the six months, it decreased by 7.9% to $273.7 million, while Free Cash Flow increased significantly for both periods Unaudited Reconciliation of Non-GAAP Financial Measures (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change $ (thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change $ (thousands) | Last Twelve Months Ended June 30, 2025 | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :------------------- | :----------------------------- | :----------------------------- | :------------------- | :------------------------------------- | | Net income | $80,108 | $91,124 | $(11,016) | $63,975 | $79,923 | $(15,948) | $211,549 | | Provision for income taxes | 26,191 | 31,569 | (5,378) | 25,128 | 25,954 | (826) | 63,203 | | Interest expense | 33,951 | 39,386 | (5,435) | 68,058 | 78,163 | (10,105) | 157,657 | | Loss on early extinguishment of debt | — | 2,452 | (2,452) | — | 2,452 | (2,452) | 1,487 | | Depreciation and amortization | 42,974 | 40,281 | 2,693 | 84,669 | 79,463 | 5,206 | 168,644 | | Equity-based compensation expense | 4,043 | 2,979 | 1,064 | 8,376 | 7,270 | 1,106 | 15,723 | | Loss on impairment or disposal of assets and certain non-cash expenses | 12,117 | 2,279 | 9,838 | 13,208 | 7,883 | 5,325 | 38,737 | | Business optimization, development and strategic initiative costs | 3,045 | 4,120 | (1,075) | 4,309 | 7,654 | (3,345) | 15,053 | | Certain investment costs and other taxes | 222 | 1,019 | (797) | 225 | 4,139 | (3,914) | (322) | | COVID-19 related incremental costs | 217 | 1,355 | (1,138) | 505 | 1,861 | (1,356) | (4,398) | | Other adjusting items | 3,397 | 1,589 | 1,808 | 5,252 | 2,545 | 2,707 | 9,255 | | **Adjusted EBITDA** | **$206,265** | **$218,153** | **$(11,888)** | **$273,705** | **$297,307** | **$(23,602)** | **$676,588** | | Estimated cost savings | | | | | | | 13,400 | | Other adjustments as defined in the Debt Agreements | | | | | | | 7,595 | | **Covenant Adjusted EBITDA** | | | | | | | **$697,583** | | Net cash provided by operating activities | $181,196 | $173,227 | $7,969 | $206,911 | $244,673 | $(37,762) | | | Capital expenditures | 53,561 | 79,528 | (25,967) | 110,464 | 166,814 | (56,350) | | | **Free Cash Flow** | **$127,635** | **$93,699** | **$33,936** | **$96,447** | **$77,859** | **$18,588** | | [Unaudited Balance Sheet Data](index=11&type=section&id=Unaudited%20Balance%20Sheet%20Data) As of June 30, 2025, the company's cash and cash equivalents increased significantly to $193.9 million from $115.9 million at December 31, 2024, with total assets also growing, while total long-term debt remained relatively stable, and the stockholders' deficit improved from $(461.5) million to $(394.9) million Unaudited Balance Sheet Data (in thousands) | Metric | As of June 30, 2025 | As of December 31, 2024 | | :------------------------------------ | :------------------ | :---------------------- | | Cash and cash equivalents ($) | $193,921 | $115,893 | | Total assets ($) | $2,730,473 | $2,573,578 | | Deferred revenue ($) | $207,753 | $152,655 | | Long-term debt, including current maturities: ($)| | | | Term B-3 Loans ($) | $1,530,731 | $1,538,442 | | Senior Notes ($) | $725,000 | $725,000 | | Total long-term debt, including current maturities ($)| $2,255,731 | $2,263,442 | | Total stockholders' deficit ($) | $(394,851) | $(461,540) | [Unaudited Capital Expenditures Data](index=11&type=section&id=Unaudited%20Capital%20Expenditures%20Data) Total capital expenditures for the six months ended June 30, 2025, decreased by 33.8% to $110.5 million compared to $166.8 million in the prior year, with this reduction driven by decreases in both core capital expenditures (park rides, attractions, maintenance) and expansion/ROI projects Unaudited Capital Expenditures Data (in thousands) | Capital Expenditures | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change $ (thousands) | Change % | | :------------------- | :----------------------------- | :----------------------------- | :------------------- | :------- | | Core ($) | $97,997 | $120,275 | $(22,278) | (18.5%) | | Expansion/ROI projects ($)| $12,467 | $46,539 | $(34,072) | (73.2%) | | **Total ($)** | **$110,464** | **$166,814** | **$(56,350)** | **(33.8%)** | [Unaudited Other Data (Attendance and Per Capita Amounts)](index=11&type=section&id=Unaudited%20Other%20Data%20(Attendance%20and%20Per%20Capita%20Amounts)) Attendance for Q2 2025 increased by 0.8% to 6.2 million guests, while for the first six months, it slightly decreased by 0.1% to 9.6 million guests, with total revenue per capita and admission per capita decreasing across both periods, but in-park per capita spending for the six months ended June 30, 2025, saw a marginal increase of 0.1% Unaudited Other Data (Attendance and Per Capita Amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (thousands) | Change % | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (thousands) | Change % | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------- | :------- | :----------------------------- | :----------------------------- | :------------------- | :------- | | Attendance (in thousands) | 6,234 | 6,186 | 48 | 0.8% | 9,625 | 9,636 | (11) | (0.1%) | | Total revenue per capita ($)| $78.64 | $80.44 | $(1.80) | (2.2%) | $80.74 | $82.50 | $(1.76) | (2.1%) | | Admission per capita ($) | $41.03 | $42.68 | $(1.65) | (3.9%) | $42.79 | $44.60 | $(1.81) | (4.1%) | | In-Park per capita spending ($)| $37.61 | $37.76 | $(0.15) | (0.4%) | $37.95 | $37.90 | $0.05 | 0.1% | [Notes to Unaudited Financial Tables](index=11&type=section&id=Notes%20to%20Unaudited%20Financial%20Tables) The notes provide detailed explanations for various adjustments and definitions used in the financial tables, including specifics on severance costs, debt extinguishment losses, anti-dilutive shares, equity-based compensation, non-cash self-insurance reserve adjustments, business optimization costs, investment costs, COVID-19 related expenses, and other adjusting items, along with clarifications for Adjusted EBITDA, Covenant Adjusted EBITDA, and Free Cash Flow definitions - Severance and other separation costs are reflected in note (a)[40](index=40&type=chunk) - Loss on early extinguishment of debt and write-off of debt issuance costs (note b) relates to 2024 refinancing transactions[40](index=40&type=chunk) - Anti-dilutive shares excluded from EPS computation were approximately **686,000** for Q2 2025 and **671,000** for the six months ended June 30, 2025 (note c)[41](index=41&type=chunk) - Non-cash equity compensation expenses and related payroll taxes are detailed in note (d)[42](index=42&type=chunk) - Note (e) primarily reflects non-cash self-insurance reserve adjustments and asset write-offs[43](index=43&type=chunk) - Business optimization, development, and strategic initiative costs (note f) include other business optimization costs and third-party consulting costs[44](index=44&type=chunk)[45](index=45&type=chunk) - **Adjusted EBITDA** (note j) is defined as net income before income tax, interest, depreciation, and amortization, further adjusted for certain non-cash and other items[48](index=48&type=chunk) - **Covenant Adjusted EBITDA** (note m) includes additional adjustments for estimated cost savings and other costs as permitted by Debt Agreements[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - **Free Cash Flow** (note n) is defined as net cash provided by operating activities less capital expenditures[51](index=51&type=chunk)

Core Viewpoint - United Parks & Resorts Inc. reported its financial results for Q2 and the first half of fiscal year 2025, highlighting challenges due to adverse weather but showing resilience in attendance growth and future bookings [4][7][10]. Second Quarter 2025 Highlights - The company hosted approximately 6.2 million guests, generating total revenues of $490.2 million, net income of $80.1 million, and Adjusted EBITDA of $206.3 million [7][9]. - Attendance increased by approximately 48,000 guests or 0.8% compared to Q2 2024, attributed to a favorable calendar shift [7][8]. - Total revenue decreased by $7.4 million or 1.5% from Q2 2024, primarily due to a decrease in total revenue per capita [7][8]. - Net income decreased by $11.0 million or 12.1% from Q2 2024, and Adjusted EBITDA decreased by $11.9 million or 5.4% [7][9]. First Six Months 2025 Highlights - The company hosted approximately 9.6 million guests, generating total revenues of $777.2 million, net income of $64.0 million, and Adjusted EBITDA of $273.7 million [10][12]. - Attendance decreased by approximately 11,000 guests or 0.1% compared to the first six months of 2024, primarily due to adverse weather conditions [10][11]. - Total revenue decreased by $17.9 million or 2.2% from the first six months of 2024, with net income down by $15.9 million or 20.0% [10][12]. Other Highlights - The Board approved a new $500 million share repurchase program, pending approval from non-Hill Path shareholders [6][13]. - The company reported strong forward booking trends for group business and events, with expectations for significant attendance during upcoming seasonal events [5][6]. - The company aided 500 animals in need during Q2 2025, contributing to a total of over 42,000 animals helped historically [14][15].

Company Overview - United Parks & Resorts (PRKS) is expected to report a year-over-year increase in earnings, with a projected EPS of $1.79, reflecting a +19.3% change [3] - Revenues are anticipated to reach $500.45 million, which is a slight increase of 0.6% from the previous year [3] Earnings Expectations - The earnings report is scheduled for August 7, and the stock may experience upward movement if the actual results exceed expectations [2] - Conversely, if the results fall short, the stock may decline [2] Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4] - However, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, leading to an Earnings ESP of -3.08%, suggesting a bearish outlook from analysts [12] Earnings Surprise History - In the last reported quarter, United Parks & Resorts was expected to post a loss of $0.23 per share but actually reported a loss of -$0.29, resulting in a surprise of -26.09% [13] - The company has not beaten consensus EPS estimates in any of the last four quarters [14] Industry Comparison - In contrast, Planet Fitness (PLNT), a competitor in the Leisure and Recreation Services industry, is expected to post earnings of $0.79 per share, indicating a year-over-year change of +11.3% [19] - Planet Fitness has an Earnings ESP of +1.48% and a Zacks Rank of 2 (Buy), suggesting a higher likelihood of beating consensus EPS estimates [20]